Wells Fargo & Company Initiates Coverage on Centerspace (NYSE:CSR)

Analysts at Wells Fargo & Company began coverage on shares of Centerspace (NYSE:CSR) in a report issued on Wednesday. The brokerage set an “equal weight” rating and a $68.00 price target on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 6.53% from the company’s previous close.

CSR has been the subject of a number of other research reports. Janney Montgomery Scott raised Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Wednesday, January 15th. Royal Bank of Canada upped their price target on Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, Wedbush started coverage on Centerspace in a report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price objective for the company. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Centerspace presently has a consensus rating of “Hold” and an average target price of $73.63.

Centerspace Price Performance

NYSE CSR opened at $63.83 on Wednesday. The business has a 50 day simple moving average of $62.69 and a 200 day simple moving average of $67.91. Centerspace has a 52-week low of $54.50 and a 52-week high of $76.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.05 and a current ratio of 0.04. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -50.26 and a beta of 0.91.

Centerspace (NYSE:CSR) last posted its earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. The business had revenue of $66.41 million during the quarter, compared to analysts’ expectations of $65.96 million. Analysts anticipate that Centerspace will post 4.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Centerspace

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Centerspace by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 2,594,366 shares of the company’s stock worth $171,617,000 after purchasing an additional 195,629 shares during the period. Wellington Management Group LLP boosted its position in Centerspace by 6.4% during the third quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock worth $71,834,000 after purchasing an additional 61,394 shares during the period. State Street Corp boosted its position in Centerspace by 0.5% during the third quarter. State Street Corp now owns 897,749 shares of the company’s stock worth $63,931,000 after purchasing an additional 4,263 shares during the period. Silvercrest Asset Management Group LLC boosted its position in shares of Centerspace by 6.9% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 834,251 shares of the company’s stock valued at $55,186,000 after acquiring an additional 54,204 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Centerspace by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 415,680 shares of the company’s stock valued at $27,503,000 after acquiring an additional 28,163 shares during the period. 79.00% of the stock is owned by institutional investors.

Centerspace Company Profile

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of September 30, 2023, Centerspace owned interests in 71 apartment communities consisting of 12,785 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.